Florida Condo Owners Face $60K HOA Charges Under New DeSantis Law

Florida condominium owners are grappling with the financial implications of a new law signed by Governor Ron DeSantis, which could result in special assessments of up to $60,000 per home. Mark Hoffman / USA TODAY NETWORK

The legislation, aimed at addressing long-standing issues with homeowners' association (HOA) fees and condo maintenance, has left many residents shocked and concerned about their ability to afford their homes. Timur Saglambilek / Pexels

Tammy Rodeffer, a resident of The Villas of Carillon in Feather Sound, Florida, expressed her disbelief upon receiving the notice from her HOA. "I was in shock," she said. "I thought there was a mistake and asked some of my neighbors if they knew about this imposed assessment." DemocraticLuntz at English Wikipedia / Wikimedia

Another resident, Chris Hu, shared a similar sentiment with Tampa Bay News, stating, "Wow, is this real? It was a total and shocking surprise." James E. Scholz / Wikimedia

The special assessment, which comes as Florida enters its annual hurricane season, requires homeowners to pay $60,000 either in four equal quarterly installments or over 32 quarterly installments of $1,875 spread across eight years. Guilherme Christmann / Pexels

According to MoneyWise, the HOA has been "severely underfunded" for over two decades, necessitating this drastic measure. Binyamin Mellish / Pexels

Rodeffer voiced concerns about the potential consequences for her community, telling Tampa Bay News, "This proposition would see many people having to sell their homes, unable to afford it. Residents may even have a lien put on their houses and face foreclosure." Michael Tuszynski / Pexels

The new legislation follows the tragic Surfside condo collapse in 2021, which the U.S. Government Accountability Office described as "the worst structural disaster in American history." Miami-Dade Fire Rescue Department / Wikimedia

In response, DeSantis signed a bill revising regulations and ensuring transparency in HOA finances. Gage Skidmore from Surprise, AZ, United States of America / Wikimedia

Patricia Staebler, a reserve specialist, provided context on the funding situation, stating, according to MoneyWise, "I've been doing this for 15 years. In my entire reserve specialist career, I have never seen an HOA 100% funded." She emphasized the difference between funding 100% of reserve requirements for a fiscal year and being fully funded overall. Binyamin Mellish / Pexels

As Florida residents and HOAs navigate these new financial challenges, many are left wondering about the long-term implications for the state's condo market and affordable housing. Mikhail Nilov / Pexels